The term “blue moon” comes from the traditional agricultural naming of the full moons throughout the year.
The 12 full moons we see each year are named according to their relationship with the equinoxes and solstices. The names vary in different regions, but well-known examples are the harvest moon, which is the first full moon after the autumnal equinox, and the hunter’s moon, which is the second full moon after the autumnal equinox. Similarly the Lenten moon, the last full moon of winter, is always in Lent, and the egg moon (or the Easter moon, or paschal moon), which is the first full moon of spring, is always in the week before Easter.
By this system there are usually three full moons between an equinox and a solstice, or vice versa. However, because the lunar cycle is slightly too short for there to always be three full moons in this stretch of time, occasionally there are four full moons. When this happens, to ensure that the full moons continue to be named correctly with respect to the solstices and equinoxes, the third of the four full moons is called a blue moon.
There are seven blue moons in every 19 year period. The last blue moon was on 21 November 2010, and the next will be on 21 August 2013.
[Aidan Copeland in “The Last Word”, New Scientist, 1 October 2011]
I've always been a bit confused as to what a "full moon" is… a perfect circle of light? The moon it seems, can be very close to full, particularly if we are subjective in our judgement.